How can I get Palace to process Body Corp Transactions?

Palace is designed as a residential rentals system, and is not sold as a Body Corp system.

However, with some limitations Body Corp money can be tracked in Palace.

The Body Corp can be set up as an owner with a bank account - this should be placed on HOLD.

Under that "owner" each property should be added. In addition, a "dummy" property can be added for processing of Body Corp Expenses.

The real owners can be added as "tenants" under each property. Use a zero rent rate, and enter a start date. (no rent transactions will be processed)

When a Body Corp invoice is raised for fees, process a transaction "Charge Tenant Debit", which will raise an "Other Amounts Owing" on the "tenant" record.

When money is received from the real owner ("tenant"), then process a transaction "Receipt Tenant other" into the Owner (Body Corp) account. This clears the debt and stores the money in the Body Corp owner record under that property.

When the Body Corp has expenses, process a transaction "Invoice Creditor" against the property to be used for Body Corp Expenses. This account will build up a negative balance.

From time to time (quarterly or yearly?) the balances in the properties can be "netted off" against the "expenses" property.

This can be done by setting the payment frequency of the Body Corp Owner account to one that is not generally used ("Weekly - Thursday") and setting the payment type to Direct. Then process "Generate Owner Payments" using the frequency "Weekly Thursday" with the net-off tick box. The negative expense property balance, together with the positive property balances will all be set to zero, and payment transactions will be generated. Finally process a Receipt Owner with the amount "paid out" putting this money into the "Expense" property. This will then show as the owner (Body Corp) balance.